US Markets
Home›US Markets›Sectors›Flywire grows revenue while Mastercard remains tied to…
Flywire grows revenue while Mastercard remains tied to the global payments network
Flywire reported $603 million in FY 2025 revenue, with net income of $13.5 million and $90.3 million in free cash flow.
Flywire’s business model centers on embedding software into accounts receivable workflows for specific industries, including education, healthcare, travel, and B2B, with a focus on streamlining complex cross-border payments and currency conversion, according to a Yahoo Finance write-up. The article notes Flywire partnered with Scholarship America to digitize scholarship disbursements, aiming to expand its reach in the education vertical.
The comparison highlights Flywire’s reliance on platform integrations, including connections with Workday and Oracle, as a key part of its strategy. In FY 2025, the company reported revenue of $603 million, which the piece characterizes as about 27% year-over-year growth, alongside net income of $13.5 million for the year.
The article also describes Flywire’s balance sheet and cash generation metrics, stating that as of December 2025 the company had no debt, with current debt around $1.5 million versus more than $325 million in cash. It adds that free cash flow in 2025 totaled $90.3 million, while stock-based compensation accounted for roughly 72% of operating cash flow, which the article says can inflate reported cash generation because SBC is non-cash.
For Mastercard, the article frames the company as the underlying payments “rails” across nearly every country, operating as a diversified payments technology network. It describes Mastercard’s four-party network model as generating revenue through transaction switching and authorization, positioning it as a central node in the global payments ecosystem connecting consumers, financial institutions, and merchants.